Antje Baumann, Tanja V PfitznerFrom: Practitioner's Handbook on International Commercial Arbitration (3rd Edition)
Edited By: Frank-Bernd Weigand, Antje Baumann
This introduction discusses arbitration as a method for resolving disputes. It first provides an overview of the advantages of arbitration as a dispute resolution mechanism and a brief historical background on the development of modern international arbitration before exploring the effects of arbitration agreements, taking into account the applicable law for the question of arbitrability (objective arbitrability and subjective arbitrability). It then considers two options between which parties can choose when deciding to settle their dispute by arbitration: institutional arbitration and ad hoc arbitration. It also analyses the parties’ right to choose—based on the principle of party autonomy—the place and language of arbitration, the substantive law applicable to the merits of the dispute, and number of arbitrators. Finally, it explains the applicable rules and general structure of arbitral proceedings as well as the enforceability of arbitral awards.